0000950170-24-122343 | 10-Q | XBRL Viewer

Equity Incentive Plans

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY INCENTIVE PLANS

As of September 30, 2024, there are 17,785,881 shares of Class A common stock reserved for issuance under the 2020 Equity Incentive Plan (the 2020 Plan), 3,682,324 shares of which are available for issuance in connection with grants of future awards.

Stock Options

Stock option activity for the nine months ended September 30, 2024 is as follows:


	Options Outstanding			Weighted-Average Exercise Price
Balance at December 31, 2023		11,945,032		$	11.89
Options granted		3,513,857			1.80
Options exercised		(6,502	)		—
Options forfeited		(1,640,532	)		7.89
Balance at September 30, 2024		13,811,855		$	9.80
Vested and exercisable, September 30, 2024		7,914,597		$	8.68

Market Condition Options

In February 2024, the Company granted options to purchase an aggregate of 1,896,901 shares of the Company’s Class A common stock to certain Company executives, with vesting subject to market conditions (Market Condition Options). The granted options are further divided into 1,032,901 shares granted to the Chief Executive Officer (the CEO Award) and 864,000 shares of executive awards. The Market Condition Options become eligible to vest if the average of the closing sales prices of a share of Class A common stock over a trailing twenty trading day period within seven years from the date of grant reaches a stock price of $5.31 per share (the Market Price Milestone) for the CEO Award and $3.54 per share (a Market Price Milestone) for the executive awards, respectively.

In February 2023, the Company granted Market Condition Options to purchase an aggregate of 1,794,000 shares of the Company’s Class A common stock to certain executive officers, with vesting subject to market conditions. These Market Condition Options become eligible to vest if the average of the closing sales prices of a share of Class A common stock over a trailing twenty trading day period within seven years from the date of grant reaches a stock price of $6.89 per share (also a Market Price Milestone).

Under each of the above Market Condition Options, if the Market Price Milestone is achieved, 25% of each Market Condition Option will vest upon certification of such achievement, subject to the recipient’s continued service through the Market Price Milestone achievement date, and an additional 25% of each Market Condition Option will then vest on each of the one-, two- or three-year anniversaries of the Market Price Milestone achievement date, respectively, subject to the recipient’s continued service through the applicable anniversary date. In the event of the Company’s change in control during the seven-year performance period, the performance period will be shortened, achievement of the Market Price Milestone will be assessed based on the per share value of consideration that stockholders receive in the transaction (the change in control price), and if the Market Price Milestone is achieved on that basis, each Market Condition Option will vest in full as of immediately prior to the change in control, subject to the recipient’s continued service as of immediately prior to the change in control.

Compensation expense is recognized using an accelerated attribution method based on the derived service periods for each of the Market Condition Options. Failure to meet the Market Price Milestone for an award does not result in reversal of previously recognized expense, so long as the service is provided for the duration of the respective derived service period.

The following assumptions were used to determine the grant date fair value of $1.16 to $1.27 and $2.80 to $3.02 for the 2024 and 2023 Market Condition Options, respectively:


	2024			2023
Risk-free interest rate		4.07	%		3.94	%
Expected volatility		84.80	%		83.10	%
Expected dividend yield		—			—
Strike price	$	1.77		$	4.59

For 2024 and 2023 Market Condition Options, the grant date fair value approximates $2.3 million and $5.2 million, respectively, and was determined using a lattice-binomial option-pricing model based on a Monte Carlo simulation.

For the three and nine months ended September 30, 2024, the Company recognized compensation expense of $0.3 million and $1.4 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized compensation expense of $0.7 million and $2.1 million, respectively.

Restricted Stock Units

Restricted stock unit activity for the nine months ended September 30, 2024 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2023		3,680,076		$	7.49
Granted		2,950,262			1.79
Vested		(901,885	)		9.70
Forfeited		(924,767	)		3.89
Balance at September 30, 2024		4,803,686		$	4.27

Employee Stock Purchase Plan

A total of 2,355,024 shares of Class A common stock are reserved for issuance under the employee stock purchase plan (ESPP) as of September 30, 2024. During the nine months ended September 30, 2024, 117,399 shares of Class A common stock were issued under the ESPP.

Stock-Based Compensation

The following table summarizes the components of stock-based compensation recognized in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	402	$	392	$	1,189	$	1,127
Research and development		2,127		2,242		6,381		7,523
Selling, general and administrative		3,994		5,700		14,198		18,160
Total stock-based compensation	$	6,523	$	8,334	$	21,768	$	26,810

On June 21, 2022, the Company’s Board of Directors approved an option repricing to reduce the exercise price of certain vested, outstanding, and unexercised stock options with an exercise price greater than $19.00 per share, each of which was granted under the 2020 Plan, that were held by employees who were not members of the Board of Directors or officers for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the Non-Section 16 employees) to $19.00 per share, which was the Company’s initial public offering price. The Board of Directors also approved the repricing of certain unvested, outstanding, and unexercised stock options with an exercise price greater than $19.00 per share that were held by Non-Section 16 employees to $7.40 per share, which was the closing price of the Company’s Class A common stock on the Nasdaq Global Select Market on the date of the approval of the repricing. Except for the exercise price, the amended stock options have the same terms and conditions (including vesting schedule, number of shares, and expiration date) and will continue to be governed by the terms of the 2020 Plan.

The Company recorded $0.1 million and $0.4 million of incremental compensation expense during the three and nine months ended September 30, 2024, respectively. The Company recorded $0.2 million and $0.5 million of incremental compensation expense during the three and nine months ended September 30, 2023, respectively. The total unrecognized incremental stock-based compensation associated with the option repricing is $0.7 million, which will be recognized over the next two years.

Other Financial Statement Information (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consists of the following (in thousands):


	September 30, 2024		December 31, 2023
Raw materials	$	3,049	$	2,118
Work-in-progress		89		163
Finished goods		3,797		2,210
Total inventory	$	6,935	$	4,491

Schedule of Property and Equipment

Property and equipment, net consists of the following (in thousands):


	September 30, 2024			December 31, 2023
Laboratory equipment	$	29,622		$	28,563
Computer equipment and software		1,349			868
Furniture and fixtures		687			672
Leasehold improvements		3,577			3,520
Construction-in-progress		2,193			1,109
Property and equipment		37,428			34,732
Less: accumulated depreciation and amortization		(16,751	)		(12,539	)
Total property and equipment, net	$	20,677		$	22,193

For the three and nine months ended September 30, 2024, the Company recognized d

Schedule of Accrued Liabilities

Accrued expenses consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued compensation	$	5,919	$	6,123
Accrued professional services		2,192		242
Accrued taxes		454		501
Other		2,334		2,346
Total accrued expenses	$	10,899	$	9,212

Net Loss Per Share Attributable To Common Stockholders - Computation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (21,328)	$ (22,850)	$ (20,679)	$ (21,088)	$ (23,431)	$ (23,959)	$ (64,857)	$ (68,478)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic (in shares)	61,186,324			63,929,743			63,441,333	63,747,155
Weighted-average common shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	61,186,324			63,929,743			63,441,333	63,747,155
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.35)			$ (0.33)			$ (1.02)	$ (1.07)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.35)			$ (0.33)			$ (1.02)	$ (1.07)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net Income (Loss)	$ (64,857)	$ (68,478)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	21,768	26,810
Depreciation and amortization	4,568	3,998
Loss on disposal of property and equipment	270	258
Net amortization (accretion) of premium (discount) on available-for-sale securities	2,559	(8,545)
Provision for inventory excess and obsolescence	127	825
Non-cash operating lease expense	72	164
Loss on equity method investment	861	0
Changes in operating assets and liabilities:
Accounts receivable, net	266	(728)
Prepaid expenses and other assets	226	(1,080)
Inventory	(1,977)	(1,634)
Accounts payable	(327)	(1,353)
Deferred revenue	148	52
Accrued liabilities and other liabilities	1,644	836
Net cash used in operating activities	(34,652)	(48,875)
INVESTING ACTIVITIES
Purchases of property and equipment	(4,120)	(5,470)
Purchase of available-for-sale securities	(209,214)	(318,049)
Proceeds from sale of available-for-sale securities	0	2,990
Proceeds from maturities of available-for-sale securities	273,346	352,322
Purchase of equity security	(10,000)	0
Net cash provided by investing activities	50,012	31,793
FINANCING ACTIVITIES
Repurchase of Class A common stock	0	(13)
Proceeds from exercise of Class A common stock options	0	91
Repurchases of Class A common stock under share repurchase program	(10,384)	0
Proceeds from issuance of Class A common stock in connection with employee stock purchase plan	147	192
Net cash (used in) provided by financing activities	(10,237)	270
Net increase (decrease) in cash, cash equivalents and restricted cash	5,123	(16,812)
Cash, cash equivalents and restricted cash, beginning of period	33,023	53,732
Cash, cash equivalents and restricted cash, end of period	38,146	36,920
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Capitalized stock-based compensation related to internal-use software development	164	0
Property and equipment purchases included in accounts payable and accrued expenses	47	250
Inventory transferred to property and equipment	0	1,211
Property and equipment transferred to inventory	$ 594	$ 0

Summary of Significant Accounting Policies and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The unaudited condensed consolidated financial statements include the accounts of Seer, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on March 4, 2024.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, stock-based compensation, allowance for credit losses, inventory valuation, operating lease right-of-use assets and liabilities, useful lives and valuation of property and equipment, capitalization and useful life of capitalized internal-use software, income tax uncertainties, and tax valuation allowances.

Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation.

For the three and nine months ended September 30, 2024, the Company recognized revenue from a related party that represented 14% and 20%, respectively, of the Company’s total revenue. For the three and nine months ended September 30, 2023, the Company recognized revenue from this same related party that represented 34% and 33%, respectively, of the Company's total revenue.

For the three and nine months ended September 30, 2024, 29% and 32%, respectively, of the Company's total revenue was generated outside of the United States, primarily from countries in Asia and Europe. For the three and nine months ended September 30, 2023, 30% and 23%, respectively, of the Company's total revenue was generated outside of the United States, from countries in Asia and Europe.

As of September 30, 2024, there were three customers which represented 18%, 13%, and 11% of the Company's total accounts receivable balance, including related party receivables. As of December 31, 2023, there were two customers which represented 14% and 10% of the Company's total accounts receivable balance, including related party receivables.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of September 30, 2024 and December 31, 2023, all amounts recorded as cash and cash equivalents consist of cash, money market funds, corporate debt securities, and U.S. Treasury securities and are stated at fair value.

Restricted cash as of September 30, 2024 and December 31, 2023 represents cash held by a financial institution as security for a letter of credit issued to the lessor for one of the Company’s operating leases and is classified as noncurrent.

The following table provides a reconciliation of cash, cash equivalents and restricted cash to the total amount presented in the unaudited condensed consolidated statements of cash flows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents	$	37,622	$	36,396
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	38,146	$	36,920

Investments

The Company has designated all investments, which includes U.S. Treasury securities, U.S. Non-Treasury securities, commercial paper, and corporate debt securities as available-for-sale, and therefore, such investments are reported at fair value, with unrealized gains and losses excluded from earnings and reported as a component of other comprehensive loss. The cost of available-for-sale securities is adjusted for the amortization of premiums and accretion of discounts to expected maturity. Such amortization and accretion are included in other income (expense) on the unaudited condensed consolidated statements of operations and comprehensive loss. Realized gains and losses and interest income on available-for-sale securities are also included in other income (expense). The cost of securities sold is based on the specific identification method. The Company determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation at each balance sheet date. As of September 30, 2024, the Company classifies its available-for-sale securities as short-term investments or long-term investments based on the remaining contractual maturity of the securities.

All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other than temporary. Factors considered in determining whether a loss is temporary include the length of time and extent to which an investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security and whether or not the Company will be required to sell the security before the recovery of its amortized cost.

Any unrealized losses on available-for-sale debt securities that are attributed to credit risk are recorded to the unaudited condensed consolidated statements of operations and comprehensive loss through an allowance for credit losses.

Investment in Equity Security

Equity investments without readily determinable fair values are non-marketable equity securities. These are investments in certain equity securities of privately-held companies that do not provide the Company the ability to exercise significant influence. Such investments are accounted for under the measurement alternative in accordance with Accounting Standards Codification (ASC) 321, Investments - Equity Securities. Under the measurement alternative, equity investment is accounted for at cost, adjusted for impairment and changes resulting from observable price fluctuations in orderly transactions for the identical or a similar investment of the same issuer. The election is reassessed each reporting period to determine whether investment under the measurement alternative has readily determinable fair values, in which case it would no longer be eligible for this election.

At each reporting period, the Company makes a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. If a qualitative assessment indicates the investment is impaired, the Company estimates the investment’s fair value in accordance with ASC 820, Fair Value Measurement. If the fair value is less than the investment’s carrying value, an impairment charge is recorded in the condensed consolidated statements of operations and comprehensive loss equal to the difference between the carrying value and fair value.

Accounts Receivable, Net

Accounts receivable consist of amounts due from customers for the sales of products and services, net of any allowance for credit losses. The Company’s expected loss allowance methodology for receivables is developed using its historical collection experience, current and future economic market conditions and a review of the current aging status and financial condition of its customers. Balances are written off when they are ultimately determined to be uncollectible.

The Company recorded a nil and $4,000 allowance for credit losses related to accounts receivable as of September 30, 2024 and December 31, 2023, respectively.

Leases

The Company determines if an arrangement is or contains a lease at contract inception and classifies each lease as operating, sales-type or finance lease.

Operating lease right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term at the commencement date of the lease. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less any lease incentive received. The Company uses its incremental borrowing rate in determining the present value of lease payments based on the information available at the date of lease commencement. The incremental borrowing rate reflects the rate of interest that a lessee would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for an operating lease is recognized on a straight-line basis over the lease term.

The Company elected to not separate non-lease components from the associated lease components and to not recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Variable lease payments are primarily related to common area maintenance and are recognized as lease costs when incurred.

Revenue Recognition

The Company generates revenue primarily from sales of products and services. The Company’s product, the Proteograph Product Suite, consists of an instrument with embedded software essential to the instrument's functionality and consumables. The service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of customers.

The Company recognizes revenue when control of the products and services is transferred to its customers in an amount that reflects the consideration it expects to be entitled to receive from its customers in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the transaction price, allocating the transaction price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is distinct within the context of the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to direct the use and obtain substantially all the economic benefits from the good or service.

Revenue from product sales is recognized when control of the product is transferred, which is generally upon shipment to the customer. In instances where right of payment or transfer of title is contingent upon the customer’s acceptance of the product, revenue is deferred until all acceptance criteria have been met. Revenue from services is recognized once the report is delivered to a customer, which is when the customer obtains the benefit of the service.

Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Customers are invoiced generally upon shipment, or upon delivery of services, and payment is typically due within 30 or 60 days. Cash received from customers in advance of product shipment or providing services is recorded as a contract liability. The Company’s contracts with its customers generally do not include rights of return.

At times, the Company may enter into arrangements with payment terms which exceed one year from the transfer of control of the product or service. In such cases, the Company assesses whether the arrangement contains a significant financing component. If a significant financing component exists, the transaction price is adjusted for the financing portion of the arrangement, which is recorded as interest income over the payment term using the effective interest method. The Company does not assess whether a significant financing component exists when, at contract inception, the period between the transfer of control to a customer and final payment is one year or less.

The Company elected the practical expedient to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity and not a separate performance obligation. The Company expenses incremental costs of obtaining a contract as and when incurred if the expected amortization period is one year or less or the amount is immaterial. The Company excludes from the transaction price all taxes assessed by a governmental authority on revenue-producing transactions that are collected by the Company from a customer.

The Company regularly enters into contracts that include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to each performance obligation in proportion to its standalone selling price. The Company determines the standalone selling price using average selling prices with consideration of current market conditions. If the product or service has no history of sales or if the sales volume is not sufficient, the Company relies upon prices set by management, adjusted for applicable discounts.

Grant and Other Revenue

Grant revenue represents funding under cost reimbursement programs from federal foundation sources for qualified research and development activities performed by the Company and are not based on estimates that are subject to change. Grants received are assessed to determine if the agreement should be accounted for as an exchange transaction or a contribution. An agreement is accounted for as a contribution if the resource provider does not receive commensurate value in return for the assets transferred. Such amounts are recorded as revenue as grant-funded activities are performed up to the amount of expenses incurred. Any advance funding payments are recorded as deferred revenue until the activities are performed.

A portion of the Company’s revenue relates to lease arrangements. Standalone lease arrangements are outside the scope of ASC 606, Revenue From Contracts With Customers, and are therefore accounted for in accordance with ASC 842, Leases. The total consideration in a lease arrangement is allocated between lease and non-lease components on their relative stand-alone selling prices. The stand-alone selling price is based on the price the Company would separately sell that promised good or service to a customer. If a stand-alone price is not available for a component, it is estimated using the best information available.

In determining whether a transaction should be classified as a sales-type or operating lease, the Company considered the following criteria at lease commencement: (1) whether title of the instrument transfers automatically or for a nominal fee by the end of the lease term, (2) whether the present value of the minimum lease payments equals or exceeds substantially all of the fair value of the leased instrument, (3) whether the lease term is for the major part of the remaining economic life of the leased instrument, (4) whether the lease grants the lessee an option to purchase the leased instrument that the lessee is reasonably certain to exercise, and (5) whether the underlying instrument is of such a specialized nature that it is expected to have no alternative use to the Company at the end of the lease term. If any of these criteria were met, the lease was classified as a sales-type lease. If none of these criteria are met, the lease was classified as an operating lease.

Shipping revenue is recognized when control of the product is transferred to the customer. The related shipping and handling costs are included in the cost of revenue.

Repurchases of Class A Common Stock

On May 3, 2024, the Company’s Board of Directors approved a share repurchase program (the Share Repurchase Program) under which the Company is authorized to purchase (in the aggregate) up to $25.0 million of its issued and outstanding Class A common stock. Under the Share Repurchase Program, shares may be repurchased from time to time in open market transactions at prevailing market prices (including through Rule 10b5-1 plans), privately negotiated transactions, a combination thereof, or through other transactions. The actual timing, number, manner, and value of shares repurchased under the Share Repurchase Program will depend on the market price of its common stock, trading volume, general market conditions and other corporate and economic considerations. The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended or terminated at any time.

The Company records the share repurchase at cost based on the settlement date of the transaction. The shares repurchased are retired immediately and included in the category of authorized but unissued shares. The par value of the shares retired is charged against Class A common stock and the remaining purchase price is charged to additional paid-in capital. The total cost of the broker commissions is charged directly to additional paid-in capital.

The U.S. recently enacted the Inflation Reduction Act of 2022, which, among other changes, implements a 1% excise tax on certain stock buybacks, which would generally apply to net repurchases of stock by U.S. corporations. The Company is currently evaluating the impact of the new excise tax and does not anticipate it will have a material impact on the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2024.

Recently Accounting Pronouncements

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhancements to segment disclosures, even for entities with only one reportable segment. In particular, the standard will require disclosures of significant segment expenses regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. The standard will also require disclosure of all other segment items by reportable segment and a description of its composition. Finally, the standard will require disclosure of the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard is effective for annual periods beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024. The Company is in the process of evaluating the impact of this new guidance on its disclosures.

Net Loss Per Share Attributable To Common Stockholders - Schedule of Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	18,615,541	15,980,790
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	13,811,855	12,622,040
Restricted common stock subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	36,581
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,803,686	3,322,169

Fair Value Measurements and Fair Value of Financial Instruments - Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	$ 310,954	$ 369,956
Unrealized Gains	839	227
Unrealized Losses	(50)	(419)
Fair Value	311,743	369,764
Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	36,871	29,179
Unrealized Gains	0	2
Unrealized Losses	0	0
Fair Value	36,871	29,181
Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	274,083	340,777
Unrealized Gains	839	225
Unrealized Losses	(50)	(419)
Fair Value	274,872	340,583
Money market funds \| Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	36,871	22,646
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	36,871	22,646
U.S. Treasury securities \| Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis		4,984
Unrealized Gains		1
Unrealized Losses		0
Fair Value		4,985
U.S. Treasury securities \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	128,514	225,517
Unrealized Gains	364	55
Unrealized Losses	(42)	(392)
Fair Value	128,836	225,180
U.S. Non-Treasury securities \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis		11,904
Unrealized Gains		2
Unrealized Losses		(5)
Fair Value		11,901
Commercial paper \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	24,090	18,166
Unrealized Gains	32	26
Unrealized Losses	0	(6)
Fair Value	24,122	18,186
Corporate debt securities \| Total cash equivalents
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis		1,549
Unrealized Gains		1
Unrealized Losses		0
Fair Value		1,550
Corporate debt securities \| Total investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortized Cost Basis	121,479	85,190
Unrealized Gains	443	142
Unrealized Losses	(8)	(16)
Fair Value	$ 121,914	$ 85,316

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

10.

RELATED PARTY TRANSACTIONS

In August 2020, the Company formed a new entity, PrognomiQ, Inc. (PrognomiQ), and entered into a stock purchase agreement with PrognomiQ, pursuant to which the Company transferred to PrognomiQ certain assets that comprise the Company’s human diagnostics activities in exchange for all the outstanding equity interests of PrognomiQ. The Company subsequently completed a pro-rata distribution to its stockholders of most of the shares of capital stock of PrognomiQ.

The Company has concluded that PrognomiQ is a variable interest entities (VIE) due to its reliance on future financing and insufficient equity investment at risk. However, the Company is not the primary beneficiary of the VIE as it does not have the power to direct the activities that most significantly impact the economic performance of PrognomiQ and does not have control over the PrognomiQ board of directors. The Company has determined that it has the ability to exercise significant influence over PrognomiQ and therefore has accounted for its investment in PrognomiQ using the equity method. During the year ended December 31, 2020, the carrying value of the Company’s investment in PrognomiQ was reduced to nil after recognizing net losses based on its percentage of ownership in PrognomiQ.

PrognomiQ constitutes a related party and, as of each of September 30, 2024 and December 31, 2023, the Company recorded $0.6 million in related party receivables, on the condensed consolidated balance sheets mainly due from product sales and services revenue. For the three and nine months ended September 30, 2024, the Company recognized revenue of $0.5 million and $2.0 million, respectively, of which $0.4 million and $1.6 million, respectively, were from product sales. This is presented as related party revenue on the unaudited condensed consolidated statements of operations and comprehensive loss. For the three and nine months ended September 30, 2023, the Company recognized revenue of $1.4 million and $4.1 million, respectively, which is presented as related party revenue on the unaudited condensed consolidated statements of operations and comprehensive loss and is mainly due to sale of consumables.

On August 12, 2024, the Company entered into a preferred stock purchase agreement with PrognomiQ, pursuant to which the Company purchased $10.0 million of PrognomiQ's Series D Preferred Stock. The investment is accounted for as an equity security in accordance with ASC 321.

As of September 30, 2024, the carrying value of the investment was $9.1 million and is included in other assets on the unaudited condensed consolidated balance sheets. The carrying value is adjusted to the Company's share in loss in the equity method investment. There were no impairment and recognized gains or losses to the carrying value for the three and nine months ended September 30, 2024.

During 2022, a member of the Company’s Board of Directors served as a board member and an executive officer at a company that is a customer of the Company. There was no revenue recognized for each of the three and nine months ended September 30, 2024 and 2023. The Company has a contract for equipment leased to this customer that has been classified as a sales-type lease. As of September 30, 2024 and December 31, 2023, the lease receivables related to the sales-type lease is nil and $0.2 million, respectively. The lease receivables are presented as prepaid expenses and other current assets on the condensed consolidated balance sheets.

Capital Stock and Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) Vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)	105,000,000
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Conversion description	The Class B common stock will also automatically convert into Class A common stock on December 8, 2025.
Dividends declared (in dollars per share) \| $ / shares	$ 0
Class A common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, par value (usd per share) \| $ / shares	$ 0.00001	$ 0.00001
Voting rights (per share) \| Vote	1
Remaining share repurchase \| $	$ 14.7
Class B common stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, par value (usd per share) \| $ / shares	$ 0.00001	$ 0.00001
Voting rights (per share) \| Vote	10

Capital Stock and Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Capital Stock and Stockholders' Equity

6. CAPITAL STOCK AND STOCKHOLDERS’ EQUITY

Common Stock

As of September 30, 2024, the Company is authorized to issue 105,000,000 shares of capital stock consisting of 94,000,000 shares of Class A common stock, 6,000,000 shares of Class B common stock, and 5,000,000 shares of preferred stock.

Class A and Class B common stock have a par value of $0.00001 per share. Holders of Class A common stock are entitled to one vote per share and holders of Class B common stock are entitled to 10 votes per share. Class B common shares are convertible to Class A common shares at any time at the option of the holder on a one-for-one basis. The Class B common stock will also automatically convert into Class A common stock on December 8, 2025. Holders of common stock are entitled to dividends as declared by the Board of Directors, subject to rights of holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date.

Common stock issued and outstanding on the condensed consolidated balance sheets and condensed consolidated statements of changes in stockholders' equity includes shares related to early exercised options and restricted stock that are subject to repurchase.

Share Repurchase Program

The following is a summary of share repurchase activity under the Share Repurchase Program for the period indicated (in thousands except per share data):


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Number of shares repurchased		3,710,180		5,739,609
Total cost	$	6,637	$	10,385
Average per share cost	$	1.78	$	1.80

As of September 30, 2024, approximately $14.7 million of Class A common stock could be repurchased under the Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 12, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts receivable, net						$ 4,831,000
Gain losses on impairment to carrying value	$ 0		$ 0
Prepaid expenses and other current assets	3,117,000		3,117,000			3,082,000
Other Assets
Related Party Transaction [Line Items]
Carrying value of investment	9,100,000		9,100,000
PrognomiQ \| Series D Preferred Stock
Related Party Transaction [Line Items]
Preferred stock purchase agreement					$ 10,000,000
Related Party
Related Party Transaction [Line Items]
Accounts receivable, net	554,000		554,000			559,000
Related Party \| Executive Officer
Related Party Transaction [Line Items]
Total revenue	0	$ 0	0	$ 0
Prepaid expenses and other current assets	0		0			200,000
Related Party \| PrognomiQ
Related Party Transaction [Line Items]
Accounts receivable, net	600,000		600,000			$ 600,000
Total revenue	500,000	$ 1,400,000	2,000,000	$ 4,100,000
Related Party \| PrognomiQ \| Product
Related Party Transaction [Line Items]
Total revenue	$ 400,000		$ 1,600,000

Organization and Description of the Business (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Cash, cash equivalents, and investments	$ 247,600
Accumulated deficit	$ (370,630)	$ (305,773)

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

Stock option activity for the nine months ended September 30, 2024 is as follows:


	Options Outstanding			Weighted-Average Exercise Price
Balance at December 31, 2023		11,945,032		$	11.89
Options granted		3,513,857			1.80
Options exercised		(6,502	)		—
Options forfeited		(1,640,532	)		7.89
Balance at September 30, 2024		13,811,855		$	9.80
Vested and exercisable, September 30, 2024		7,914,597		$	8.68

Schedule of Stock Option Valuation Assumptions

The following assumptions were used to determine the grant date fair value of $1.16 to $1.27 and $2.80 to $3.02 for the 2024 and 2023 Market Condition Options, respectively:


	2024			2023
Risk-free interest rate		4.07	%		3.94	%
Expected volatility		84.80	%		83.10	%
Expected dividend yield		—			—
Strike price	$	1.77		$	4.59

Schedule of Restricted Stock Unit Activity

Restricted stock unit activity for the nine months ended September 30, 2024 is as follows:


	Number of Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2023		3,680,076		$	7.49
Granted		2,950,262			1.79
Vested		(901,885	)		9.70
Forfeited		(924,767	)		3.89
Balance at September 30, 2024		4,803,686		$	4.27

Schedule of Components of Stock-based Compensation Expensed


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	402	$	392	$	1,189	$	1,127
Research and development		2,127		2,242		6,381		7,523
Selling, general and administrative		3,994		5,700		14,198		18,160
Total stock-based compensation	$	6,523	$	8,334	$	21,768	$	26,810

Organization and Description of the Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of the Business

ORGANIZATION AND DESCRIPTION OF THE BUSINESS

Seer, Inc. (the Company) was incorporated in Delaware on March 16, 2017, and is headquartered in Redwood City, California. The Company is a life sciences company focused on capturing deep molecular insights from the proteome to enable novel insights and breakthroughs in the understanding of biology and disease.

Liquidity

As of September 30, 2024, the Company has incurred significant losses and has had negative cash flows from operations. As of September 30, 2024, the Company had cash and cash equivalents and short-term investments of $247.6 million and an accumulated deficit of $370.6 million. Management expects to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while the Company makes investments to support its anticipated growth. The Company believes that its cash and cash equivalents and investments as of September 30, 2024 provide sufficient capital resources to continue its operations for at least twelve months from the issuance date of the accompanying unaudited condensed consolidated financial statements.

Equity Incentive Plans - Schedule of Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Beginning balance (in shares)	11,945,032
Options granted (in shares)	3,513,857
Options exercised (in shares)	(6,502)
Options cancelled and forfeited (in shares)	(1,640,532)
Ending balance (in shares)	13,811,855
Vested and exercisable (in shares)	7,914,597
Beginning balance (in usd per share)	$ 11.89
Options granted (in usd per share)	1.8
Options exercised (in usd per share)	0
Options forfeited (in usd per share)	7.89
Ending balance (in usd per share)	9.8
Vested and exercisable (in usd per share)	$ 8.68

Fair Value Measurements and Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments in a continuous unrealized loss position, 12 Months or longer	$ 29,500
Available-for-sale investments with remaining maturities between one and two years	$ 64,894	$ 56,858
Available-for-sale investments with remaining maturities	1 year
Accrued liabilities, fair value disclosure	$ 1,500	$ 1,300
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	1 year
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale investments with remaining maturities	2 years

Capital Stock and Stockholders' Equity - Summary of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024
Equity [Abstract]
Number of shares repurchased	3,710,180		5,739,609
Total cost	$ 6,637	$ 3,747	$ 10,385
Average per share cost	$ 1.78		$ 1.8

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense and supplemental information were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	1,025	$	1,038	$	3,101	$	3,114
Variable lease costs		298		201		761		224
Short-term lease costs		14		—		26		20
Total lease costs	$	1,337	$	1,239	$	3,888	$	3,358


	Nine Months Ended September 30,
	2024			2023
Weighted-average remaining lease term (in years)		8.0			8.9
Weighted-average incremental borrowing rate		6.2	%		6.2	%

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases is as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	3,029	$	2,950
Lease liability obtained in exchange for right-of-use assets	$	—	$	514

Schedule of Future Minimum Commitments

As of September 30, 2024, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows (in thousands):


Years ending December 31,
2024 (remaining three months)	$	941
2025		3,846
2026		3,957
2027		4,072
2028		4,191
Thereafter		16,874
Total undiscounted future minimum lease payments		33,881
Present value adjustment for minimum lease commitments		(7,382	)
Total operating lease liabilities	$	26,499

Other Financial Statement Information

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Other Financial Statement Information

OTHER FINANCIAL STATEMENT INFORMATION

Inventory

Inventory consists of the following (in thousands):


	September 30, 2024		December 31, 2023
Raw materials	$	3,049	$	2,118
Work-in-progress		89		163
Finished goods		3,797		2,210
Total inventory	$	6,935	$	4,491

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	September 30, 2024			December 31, 2023
Laboratory equipment	$	29,622		$	28,563
Computer equipment and software		1,349			868
Furniture and fixtures		687			672
Leasehold improvements		3,577			3,520
Construction-in-progress		2,193			1,109
Property and equipment		37,428			34,732
Less: accumulated depreciation and amortization		(16,751	)		(12,539	)
Total property and equipment, net	$	20,677		$	22,193

For the three and nine months ended September 30, 2024, the Company recognized depreciation and amortization expense of $1.6 million and $4.6 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized depreciation and amortization expense of $1.4 million and $4.0 million, respectively.

Accrued Expenses

Accrued expenses consist of the following (in thousands):


	September 30, 2024		December 31, 2023
Accrued compensation	$	5,919	$	6,123
Accrued professional services		2,192		242
Accrued taxes		454		501
Other		2,334		2,346
Total accrued expenses	$	10,899	$	9,212

Summary of Significant Accounting Policies and Basis of Presentation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	May 03, 2024
Lessee, Lease, Description [Line Items]
Allowance for credit loss	$ 0		$ 0		$ 4,000
Common stock, authorized (in shares)	105,000,000		105,000,000
Percentage of excise tax on stock buybacks			1.00%
Class A common stock
Lessee, Lease, Description [Line Items]
Common stock, authorized (in shares)	94,000,000		94,000,000		94,000,000
Stock repurchase program, authorized amount						$ 25,000,000
Customer Concentration Risk \| Revenue Benchmark \| Major Customer 1
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	14.00%	34.00%	20.00%	33.00%
Customer Concentration Risk \| Accounts Receivable \| Major Customer 1
Lessee, Lease, Description [Line Items]
Concentration risk, percentage			18.00%		14.00%
Customer Concentration Risk \| Accounts Receivable \| Major Customer 2
Lessee, Lease, Description [Line Items]
Concentration risk, percentage			13.00%		10.00%
Customer Concentration Risk \| Accounts Receivable \| Major Customer 3
Lessee, Lease, Description [Line Items]
Concentration risk, percentage			11.00%
Geographic Concentration Risk \| Revenue Benchmark \| Asia and Europe
Lessee, Lease, Description [Line Items]
Concentration risk, percentage	29.00%	30.00%	32.00%	23.00%

Leases - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)
Redwood City, CA \| Facility Lease Agreement Letter of Credit \| Letter of Credit
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Building
Lessee, Lease, Description [Line Items]
Letter of credit issued \| $	$ 0.5	$ 0.5
Building \| Redwood City, CA
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of square feet	51,000
Building \| San Diego, CA
Lessee, Lease, Description [Line Items]
Lessee, operating lease, number of square feet	6,000

Summary of Significant Accounting Policies and Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents	$	37,622	$	36,396
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	38,146	$	36,920

Schedule of Restrictions on Cash and Cash Equivalents


	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents	$	37,622	$	36,396
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	38,146	$	36,920

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, authorized (in shares)	105,000,000
Class A common stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	94,000,000	94,000,000
Common stock, issued (in shares)	55,539,884	60,253,707
Common stock, outstanding (in shares)	55,539,884	60,253,707
Class B common stock
Common stock, par value (usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	6,000,000	6,000,000
Common stock, issued (in shares)	4,044,969	4,044,969
Common stock, outstanding (in shares)	4,044,969	4,044,969

Leases - Future Minimum Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining three months)	$ 941
2025	3,846
2026	3,957
2027	4,072
2028	4,191
Thereafter	16,874
Total undiscounted future minimum lease payments	33,881
Present value adjustment for minimum lease commitments	(7,382)
Total operating lease liabilities	$ 26,499

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue:
Total revenue	$ 4,032	$ 4,162	$ 10,170	$ 12,223
Cost of revenue:
Total cost of revenue	2,094	2,006	5,140	5,718
Gross profit	1,938	2,156	5,030	6,505
Operating expenses:
Research and development	12,967	13,232	37,966	41,854
Selling, general and administrative	13,296	14,769	43,677	45,882
Total operating expenses	26,263	28,001	81,643	87,736
Loss from operations	(24,325)	(25,845)	(76,613)	(81,231)
Other income (expense):
Interest income	4,082	4,767	13,101	13,044
Loss on equity method investment	(861)	(0)	(861)	(0)
Other expense	(224)	(10)	(484)	(291)
Total other income	2,997	4,757	11,756	12,753
Net loss	(21,328)	(21,088)	(64,857)	(68,478)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	1,415	236	981	(45)
Comprehensive loss	$ (19,913)	$ (20,852)	$ (63,876)	$ (68,523)
Net loss per share attributable to common shareholders, basic (in usd per share)	$ (0.35)	$ (0.33)	$ (1.02)	$ (1.07)
Net loss per share attributable to common shareholders, diluted (in usd per share)	$ (0.35)	$ (0.33)	$ (1.02)	$ (1.07)
Weighted-average common shares outstanding, basic	61,186,324	63,929,743	63,441,333	63,747,155
Weighted-average common shares outstanding, diluted	61,186,324	63,929,743	63,441,333	63,747,155
Nonrelated Party \| Product
Revenue:
Total revenue	$ 2,915	$ 1,849	$ 6,344	$ 5,837
Cost of revenue:
Total cost of revenue	1,510	1,181	3,202	3,735
Nonrelated Party \| Service
Revenue:
Total revenue	661	536	1,751	1,072
Cost of revenue:
Total cost of revenue	268	95	899	295
Nonrelated Party \| Grant and other
Revenue:
Total revenue	90	348	172	1,221
Cost of revenue:
Total cost of revenue	133	334	388	462
Related Party \| Product
Revenue:
Total revenue	366	1,429	1,903	4,093
Cost of revenue:
Total cost of revenue	$ 183	$ 396	$ 651	$ 1,226

Equity Incentive Plans - Schedule of Components of Stock-based Compensation Expensed (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,523	$ 8,334	$ 21,768	$ 26,810
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	402	392	1,189	1,127
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,127	2,242	6,381	7,523
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 3,994	$ 5,700	$ 14,198	$ 18,160

Summary of Significant Accounting Policies and Basis of Presentation - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 37,622	$ 32,499	$ 36,396
Restricted cash	524	524	524
Total cash, cash equivalents and restricted cash	$ 38,146	$ 33,023	$ 36,920	$ 53,732

Other Financial Statement Information - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment	$ 37,428		$ 34,732
Less: accumulated depreciation and amortization	(16,751)		(12,539)
Total property and equipment, net	20,677		22,193
Depreciation and amortization expense	1,600	$ 1,400
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment	29,622		28,563
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	1,349		868
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	687		672
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	3,577		3,520
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,193		$ 1,109

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 3,029	$ 2,950
Lease liability obtained in exchange for right-of-use assets	$ 0	$ 514

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39747
Entity Registrant Name	SEER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1153150
Entity Address, Address Line One	3800 Bridge Parkway
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	453-0000
Title of 12(b) Security	0.00001
Trading Symbol	SEER
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001726445
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,921,591
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,044,969

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

12.

SUBSEQUENT EVENTS

On October 4, 2024 (the Effective Date), the Board of Directors approved an option repricing. The repricing applied to nonstatutory stock options to purchase shares of the Company’s Class A common stock that (i) were granted to employees under the Company’s 2020 Equity Incentive Plan, as amended (the 2020 Plan), or the Company’s 2017 Stock Incentive Plan (together with the 2020 Plan, the Plans) and applicable award agreements thereunder; (ii) as of the Effective Date, were held by continuing employees; and (iii) had an exercise price per share greater than $2.00.

The new exercise price for repriced options is $2.00 per share, the closing price of the Company’s Class A common stock on the Effective Date. However, if an employee exercises a repriced option before the end of the Retention Period, the period that begins on the Effective Date and ends on the earliest of the following: (i) April 4, 2026; (ii) a Change in Control (as defined in the 2020 Plan); and (iii) the optionholder’s death or Disability (as defined in the 2020 Plan), such employee will be required to pay a premium exercise price that is equal to the original exercise price per share of such repriced option. In addition, certain option awards granted in 2023 with market condition based on the Company’s stock price were amended to have such stock price hurdle amount that is equal to or greater than one hundred fifty percent (150%) of $2.00 per share. There was no change to the expiration dates or service-based vesting criteria of, or number of shares and such options remain subject to the terms of the applicable Plans and award agreements.

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Leases

LEASES

As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of each of September 30, 2024 and December 31, 2023, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease. In addition, the Company leases approximately 6,000 square feet of office space in San Diego, California under a lease that runs through September 2024.

The components of lease expense and supplemental information were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease cost	$	1,025	$	1,038	$	3,101	$	3,114
Variable lease costs		298		201		761		224
Short-term lease costs		14		—		26		20
Total lease costs	$	1,337	$	1,239	$	3,888	$	3,358


	Nine Months Ended September 30,
	2024			2023
Weighted-average remaining lease term (in years)		8.0			8.9
Weighted-average incremental borrowing rate		6.2	%		6.2	%

Variable lease costs primarily consist of common area maintenance.

Supplemental cash flow information related to leases is as follows (in thousands):


	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	3,029	$	2,950
Lease liability obtained in exchange for right-of-use assets	$	—	$	514

As of September 30, 2024, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows (in thousands):


Years ending December 31,
2024 (remaining three months)	$	941
2025		3,846
2026		3,957
2027		4,072
2028		4,191
Thereafter		16,874
Total undiscounted future minimum lease payments		33,881
Present value adjustment for minimum lease commitments		(7,382	)
Total operating lease liabilities	$	26,499

As a lessor, the Company has contracts for equipment leased to customers. The Company accounts for the non-lease component under the revenue recognition ASC 606 guidance and the lease component under ASC 842 guidance.

For an arrangement that has been classified as a sales-type lease, revenue is recognized when the transfer of control of the underlying leased asset has occurred and the net investment lease recorded, which is calculated at the present value of the remaining lease payments due from the lessee. For an arrangement that has been classified as an operating lease, revenue is recognized on a straight-line basis over the lease term.

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,871	$	—	$	—	$	36,871
Total cash equivalents		36,871		—		—		36,871
Investments:
U.S. Treasury securities		—		128,836		—		128,836
Commercial paper		—		24,122		—		24,122
Corporate debt securities		—		121,914		—		121,914
Total investments		—		274,872		—		274,872
Total assets measured at fair value	$	36,871	$	274,872	$	—	$	311,743


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	22,646	$	—	$	—	$	22,646
Corporate debt securities		—		1,550		—		1,550
U.S. Treasury securities		—		4,985		—		4,985
Total cash equivalents		22,646		6,535		—		29,181
Investments:
U.S. Treasury securities		—		225,180		—		225,180
U.S. Non-Treasury securities		—		11,901		—		11,901
Commercial paper		—		18,186		—		18,186
Corporate debt securities		—		85,316		—		85,316
Total investments		—		340,583		—		340,583
Total assets measured at fair value	$	22,646	$	347,118	$	—	$	369,764

Schedule of Debt Securities, Available-for-sale, Unrealized Gain

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	September 30, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,871	$	—	$	—		$	36,871
Total cash equivalents		36,871		—		—			36,871
Investments:
U.S. Treasury securities		128,514		364		(42	)		128,836
Commercial paper		24,090		32		—			24,122
Corporate debt securities		121,479		443		(8	)		121,914
Total investments		274,083		839		(50	)		274,872
Total assets measured at fair value	$	310,954	$	839	$	(50	)	$	311,743


	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	22,646	$	—	$	—		$	22,646
Corporate debt securities		1,549		1		—			1,550
U.S. Treasury securities		4,984		1		—			4,985
Total cash equivalents		29,179		2		—			29,181
Investments:
U.S. Treasury securities		225,517		55		(392	)		225,180
U.S. Non-Treasury securities		11,904		2		(5	)		11,901
Commercial paper		18,166		26		(6	)		18,186
Corporate debt securities		85,190		142		(16	)		85,316
Total investments		340,777		225		(419	)		340,583
Total assets measured at fair value	$	369,956	$	227	$	(419	)	$	369,764

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Section 50
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] - Stock Option repricing	Oct. 04, 2024 $ / shares
Subsequent Event [Line Items]
Effective date	Oct. 04, 2024
2020 Equity Incentive Plan \| Class A common stock
Subsequent Event [Line Items]
Exercise price per share	$ 2
Expiration date	Apr. 04, 2026
2020 Equity Incentive Plan \| Class A common stock \| Minimum
Subsequent Event [Line Items]
Percentage of exercise price per share	150.00%
Exercise price per share	$ 2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,328)	$ (22,850)	$ (20,679)	$ (21,088)	$ (23,431)	$ (23,959)	$ (64,857)	$ (68,478)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Schedule of Lease, Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 1,025	$ 1,038	$ 3,101	$ 3,114
Variable lease cost	298	201	761	224
Short-term lease costs	14	0	26	20
Total lease costs	$ 1,337	$ 1,239	$ 3,888	$ 3,358
Weighted-average remaining lease term (in years)	8 years	8 years 10 months 24 days	8 years	8 years 10 months 24 days
Weighted-average incremental borrowing rate			6.20%	6.20%

Equity Incentive Plans - Valuation Assumptions (Details) - Market Condition Options	Sep. 30, 2024	Sep. 30, 2023
2024 Grants \| Risk Free Interest Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0407	0.0394
2024 Grants \| Expected volatility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.848	0.831
2024 Grants \| Expected Dividend Rate
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0	0
2024 Grants \| Strike Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input	0.0177
2023 Grants \| Strike Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input		0.0459

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Financial Statement Information - Schedule of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 3,049	$ 2,118
Work-in-progress	89	163
Finished goods	3,797	2,210
Inventory	$ 6,935	$ 4,491

Fair Value Measurements and Fair Value of Financial Instruments - Assets Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	$ 36,871	$ 29,181
Total investments	274,872	340,583
Total assets measured at fair value	311,743	369,764
U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		4,985
Total investments	128,836	225,180
U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments		11,901
Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	24,122	18,186
Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		1,550
Total investments	121,914	85,316
Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	36,871	22,646
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	36,871	22,646
Total investments	0	0
Total assets measured at fair value	36,871	22,646
Level 1 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		0
Total investments	0	0
Level 1 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments		0
Level 1 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 1 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		0
Total investments	0	0
Level 1 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	36,871	22,646
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	6,535
Total investments	274,872	340,583
Total assets measured at fair value	274,872	347,118
Level 2 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		4,985
Total investments	128,836	225,180
Level 2 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments		11,901
Level 2 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	24,122	18,186
Level 2 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		1,550
Total investments	121,914	85,316
Level 2 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	0	0
Total investments	0	0
Total assets measured at fair value	0	0
Level 3 \| U.S. Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		0
Total investments	0	0
Level 3 \| U.S. Non-Treasury securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments		0
Level 3 \| Commercial paper
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments	0	0
Level 3 \| Corporate debt securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents		0
Total investments	0	0
Level 3 \| Money market funds
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total cash equivalents	$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 37,622	$ 32,499
Short-term investments	209,978	283,725
Accounts receivable, net		4,831
Other receivables	1,450	1,326
Inventory	6,935	4,491
Prepaid expenses and other current assets	3,117	3,082
Total current assets	264,102	330,513
Long-term investments	64,894	56,858
Operating lease right-of-use assets	23,345	25,177
Property and equipment, net	20,677	22,193
Restricted cash	524	524
Other assets	9,882	1,004
Total assets	383,424	436,269
Current liabilities:
Accounts payable	736	1,370
Accrued expenses	10,899	9,212
Deferred revenue	354	206
Operating lease liabilities, current	2,249	2,295
Other current liabilities	145	139
Total current liabilities	14,383	13,222
Operating lease liabilities, net of current portion	24,250	25,964
Other noncurrent liabilities	64	179
Total liabilities	38,697	39,365
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; zero shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	714,567	702,868
Accumulated other comprehensive gain (loss)	789	(192)
Accumulated deficit	(370,630)	(305,773)
Total stockholders’ equity	344,727	396,904
Total liabilities and stockholders’ equity	383,424	436,269
Class A common stock
Stockholders’ equity:
Common stock	1	1
Class B common stock
Stockholders’ equity:
Common stock	0	0
Nonrelated Party
Current assets:
Accounts receivable, net	4,446
Related Party
Current assets:
Accounts receivable, net	$ 554	$ 559

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended				9 Months Ended
	Feb. 28, 2023 $ / shares shares	Feb. 29, 2024 $ / shares shares	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 shares	Jun. 21, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition							2 years
Share price (in usd per share) \| $ / shares										$ 7.4
Stock-based compensation \| $			$ 6,523		$ 8,334		$ 21,768	$ 26,810
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unexercised stock options (in usd per share) \| $ / shares										$ 19
Employee benefits and share-based compensation \| $			100		200		400	500
Unrecognized incremental stock-based compensation \| $			700				700
Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,794,000
Market condition option, percent	25.00%
Grant date fair value \| $							2,300	5,200
Stock-based compensation \| $			$ 300		$ 700		$ 1,400	$ 2,100
Market Condition Options \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,896,901
Market Condition Options \| CEO Award \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		1,032,901
Market Condition Options \| CEO Award \| Minimum \| 2024 Grants \| Measurement Input, Share Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input			1.16		2.8		1.16	2.8
Market Condition Options \| CEO Award \| Maximum \| 2024 Grants \| Measurement Input, Share Price
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Market risk benefit, measurement input			1.27		3.02		1.27	3.02
Market Condition Options \| Executive Awards \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		864,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)							2,950,262
Unvested restricted stock (in shares)			4,803,686				4,803,686		3,680,076
Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)				117,399		68,495
Class A common stock \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			17,785,881				17,785,881
Class A common stock \| Market Condition Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) \| $ / shares	$ 6.89
Class A common stock \| Market Condition Options \| CEO Award \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) \| $ / shares		$ 5.31
Class A common stock \| Market Condition Options \| Executive Awards \| 2024 Grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share) \| $ / shares		$ 3.54
Class A common stock \| Estimated ESPP shares to be issued
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			2,355,024				2,355,024
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)							117,399
Class A common stock \| Share-Based Payment Arrangement \| 2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			3,682,324				3,682,324

Other Financial Statement Information - Schedule of Accrued Compensation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 5,919	$ 6,123
Accrued professional services	2,192	242
Accrued taxes	454	501
Other	2,334	2,346
Total accrued expenses	$ 10,899	$ 9,212

Equity Incentive Plans - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (in shares) \| shares	3,680,076
Granted (in shares) \| shares	2,950,262
Vested (in shares) \| shares	(901,885)
Cancelled (in shares) \| shares	(924,767)
Ending balance (in shares) \| shares	4,803,686
Beginning balance (in usd per share) \| $ / shares	$ 7.49
Granted (in usd per share) \| $ / shares	1.79
Vested (in usd per share) \| $ / shares	9.7
Cancelled (in usd per share) \| $ / shares	3.89
Ending balance (in usd per share) \| $ / shares	$ 4.27

Revenue and Deferred Revenue

9 Months Ended

Sep. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Revenue and Deferred Revenue

REVENUE AND DEFERRED REVENUE

Product revenue consists of instruments with embedded software essential to the instrument's functionality and consumables. Service revenue primarily consists of revenue received from the generation and analysis of proteomic data on behalf of the customer. Related party revenue is comprised of both the sale of products and services performed for related parties, as further discussed in Note 10. Grant and other revenue consists of grant revenue from services performed specifically for the reimbursement of research-related expenses and other revenue which relates to shipping revenue and lease arrangements, as further discussed below.

Deferred revenue activities consist of the following (in thousands):


	Nine Months Ended September 30,
	2024			2023
Deferred revenue, current and noncurrent, as of the beginning of period	$	270		$	133
Additions		523			732
Revenue recognized		(380	)		(635	)
Deferred revenue, current and noncurrent, as of the end of period	$	413		$	230

Transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts that will be invoiced and recognized as revenue in future periods. As of September 30, 2024, $0.4 million of revenue is expected to be recognized from the remaining performance obligations, of which 94% is expected to be recognized within twelve months.

Grant and Other Revenue

Since August 2019, the Company received total funding of $2.0 million from a Small Business Innovation Research grant award from the National Institutes of Health for its development of research applications. For each of the three and nine months ended September 30, 2024, the Company recognized no grant revenue, with respect to the award. For the three and nine months ended September 30, 2023, the Company recognized $0.2 million and $0.9 million of grant revenue, respectively, with respect to the award.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Commitments And Contingencies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Purchase obligations outstanding	$ 0.8	$ 6.3
Accrued legal contingencies	$ 1.3

Capital Stock and Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Summary of Share Repurchase Activity

The following is a summary of share repurchase activity under the Share Repurchase Program for the period indicated (in thousands except per share data):


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Number of shares repurchased		3,710,180		5,739,609
Total cost	$	6,637	$	10,385
Average per share cost	$	1.78	$	1.80

Revenue and Deferred Revenue - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2019
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 413,000	$ 230,000	$ 413,000	$ 230,000	$ 270,000	$ 133,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Deferred Revenue Arrangement [Line Items]
Revenue recognized from the remaining performance obligations	$ 400,000		$ 400,000
Remaining performance obligation	94.00%		94.00%
Expected remaining performance obligations	12 months		12 months
Grant and other \| National Institutes of Health
Deferred Revenue Arrangement [Line Items]
Deferred revenue							$ 2,000,000
Revenue recognized	$ 0	$ 200,000	$ 0	$ 900,000

Revenue and Deferred Revenue - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement in Deferred Revenue [Roll Forward]
Deferred revenue, current and noncurrent, as of the beginning of period	$ 270	$ 133
Additions	523	732
Revenue recognized	(380)	(635)
Deferred revenue, current and noncurrent, as of the end of period	$ 413	$ 230

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Deep Nishar
Trading Arrangements, by Individual
Name	Deep Nishar
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 4, 2024
Aggregate Available	35,424
Other Officers or Directors
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

Revenue and Deferred Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Summary of Deferred Revenue Activity

Deferred revenue activities consist of the following (in thousands):


	Nine Months Ended September 30,
	2024			2023
Deferred revenue, current and noncurrent, as of the beginning of period	$	270		$	133
Additions		523			732
Revenue recognized		(380	)		(635	)
Deferred revenue, current and noncurrent, as of the end of period	$	413		$	230

Net Loss Per Share Attributable To Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable To Common Stockholders

11.

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator:
Net loss attributable to common stockholders	$	(21,328	)	$	(21,088	)	$	(64,857	)	$	(68,478	)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted		61,186,324			63,929,743			63,441,333			63,747,155
Net loss per share attributable to common stockholders, basic and diluted	$	(0.35	)	$	(0.33	)	$	(1.02	)	$	(1.07	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented, because including them would have been anti-dilutive (on an as-converted basis):


	September 30,
	2024		2023
Class A common stock options issued and outstanding		13,811,855		12,622,040
Restricted common stock subject to future vesting		—		36,581
Restricted stock units		4,803,686		3,322,169
Total		18,615,541		15,980,790

Net Loss Per Share Attributable To Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table shows the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator:
Net loss attributable to common stockholders	$	(21,328	)	$	(21,088	)	$	(64,857	)	$	(68,478	)
Denominator:
Weighted-average common shares used in computing net loss per share attributable to common stockholders, basic and diluted		61,186,324			63,929,743			63,441,333			63,747,155
Net loss per share attributable to common stockholders, basic and diluted	$	(0.35	)	$	(0.33	)	$	(1.02	)	$	(1.07	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	September 30,
	2024		2023
Class A common stock options issued and outstanding		13,811,855		12,622,040
Restricted common stock subject to future vesting		—		36,581
Restricted stock units		4,803,686		3,322,169
Total		18,615,541		15,980,790

Condensed Consolidated Statements of Changes in Stockholders Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A and Class B Common Stock	Additional Paid in Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning balance (in shares) at Dec. 31, 2022		63,411,046
Beginning balance at Dec. 31, 2022	$ 446,993	$ 1	$ 667,739	$ (219,496)	$ (1,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		328,273
Issuance of Class A common stock from exercise of options and release of restricted stock units	30		30
Vesting of early exercised stock options and restricted common stock	43		43
Stock-based compensation	8,724		8,724
Other comprehensive gain (loss)	1,158				1,158
Net Income (Loss)	(23,959)			(23,959)
Ending balance (in shares) at Mar. 31, 2023		63,739,319
Ending balance at Mar. 31, 2023	432,989	$ 1	676,536	(243,455)	(93)
Beginning balance (in shares) at Dec. 31, 2022		63,411,046
Beginning balance at Dec. 31, 2022	446,993	$ 1	667,739	(219,496)	(1,251)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	(68,478)
Ending balance (in shares) at Sep. 30, 2023		63,976,977
Ending balance at Sep. 30, 2023	405,679	$ 1	694,948	(287,974)	(1,296)
Beginning balance (in shares) at Mar. 31, 2023		63,739,319
Beginning balance at Mar. 31, 2023	432,989	$ 1	676,536	(243,455)	(93)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		121,784
Issuance of Class A common stock from exercise of options and release of restricted stock units	20		20
Vesting of early exercised stock options and restricted common stock	37		37
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)		68,495
Issuance of Class A common stock in connection with employee stock purchase plan	192		192
Stock-based compensation	9,752		9,752
Other comprehensive gain (loss)	(1,439)				(1,439)
Net Income (Loss)	(23,431)			(23,431)
Ending balance (in shares) at Jun. 30, 2023		63,929,598
Ending balance at Jun. 30, 2023	418,120	$ 1	686,537	(266,886)	(1,532)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		52,442
Issuance of Class A common stock from exercise of options and release of restricted stock units	41		41
Vesting of early exercised stock options and restricted common stock	36		36
Repurchases of Class A common stock under share repurchase program (in shares)		(5,063)
Stock-based compensation	8,334		8,334
Other comprehensive gain (loss)	236				236
Net Income (Loss)	(21,088)			(21,088)
Ending balance (in shares) at Sep. 30, 2023		63,976,977
Ending balance at Sep. 30, 2023	405,679	$ 1	694,948	(287,974)	(1,296)
Beginning balance (in shares) at Dec. 31, 2023		64,298,676
Beginning balance at Dec. 31, 2023	396,904	$ 1	702,868	(305,773)	(192)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from release of restricted stock units (in shares)		638,004
Vesting of early exercised stock options and restricted common stock	4		4
Stock-based compensation	7,655		7,655
Other comprehensive gain (loss)	(329)				(329)
Net Income (Loss)	(20,679)			(20,679)
Ending balance (in shares) at Mar. 31, 2024		64,936,680
Ending balance at Mar. 31, 2024	383,555	$ 1	710,527	(326,452)	(521)
Beginning balance (in shares) at Dec. 31, 2023		64,298,676
Beginning balance at Dec. 31, 2023	$ 396,904	$ 1	702,868	(305,773)	(192)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)	6,502
Repurchases of Class A common stock under share repurchase program (in shares)	(5,739,609)
Repurchases of Class A common stock under share repurchase program	$ (10,385)
Net Income (Loss)	(64,857)
Ending balance (in shares) at Sep. 30, 2024		59,584,853
Ending balance at Sep. 30, 2024	344,727	$ 1	714,567	(370,630)	789
Beginning balance (in shares) at Mar. 31, 2024		64,936,680
Beginning balance at Mar. 31, 2024	383,555	$ 1	710,527	(326,452)	(521)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from release of restricted stock units (in shares)		200,944
Issuance of Class A common stock in connection with employee stock purchase plan (in shares)		117,399
Issuance of Class A common stock in connection with employee stock purchase plan	147		147
Repurchases of Class A common stock under share repurchase program (in shares)		(2,029,429)
Repurchases of Class A common stock under share repurchase program	(3,747)		(3,747)
Stock-based compensation	7,699		7,699
Other comprehensive gain (loss)	(105)				(105)
Net Income (Loss)	(22,850)			(22,850)
Ending balance (in shares) at Jun. 30, 2024		63,225,594
Ending balance at Jun. 30, 2024	$ 364,699	$ 1	714,626	(349,302)	(626)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A common stock from exercise of options and release of restricted stock units (in shares)		69,439
Repurchases of Class A common stock under share repurchase program (in shares)	(3,710,180)	(3,710,180)
Repurchases of Class A common stock under share repurchase program	$ (6,637)		(6,637)
Stock-based compensation	6,578		6,578
Other comprehensive gain (loss)	1,415				1,415
Net Income (Loss)	(21,328)			(21,328)
Ending balance (in shares) at Sep. 30, 2024		59,584,853
Ending balance at Sep. 30, 2024	$ 344,727	$ 1	$ 714,567	$ (370,630)	$ 789

Summary of Significant Accounting Policies and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Basis of Presentation

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Basis of Presentation and Principles of Consolidation

Use of Estimates

Concentration of Credit Risk and Other Risks and Uncertainties

Cash, Cash Equivalents and Restricted Cash


	Nine Months Ended September 30,
	2024		2023
Cash and cash equivalents	$	37,622	$	36,396
Restricted cash		524		524
Total cash, cash equivalents and restricted cash	$	38,146	$	36,920

Investments

Investment in Equity Security

Accounts Receivable, Net

The Company recorded a nil and $4,000 allowance for credit losses related to accounts receivable as of September 30, 2024 and December 31, 2023, respectively.

Leases

The Company determines if an arrangement is or contains a lease at contract inception and classifies each lease as operating, sales-type or finance lease.

Revenue Recognition

Grant and Other Revenue

Shipping revenue is recognized when control of the product is transferred to the customer. The related shipping and handling costs are included in the cost of revenue.

Repurchases of Class A Common Stock

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements Not Yet Adopted

Commitments And Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Purchase Commitments and Obligations

The Company has certain purchase commitments related to its inventory management with certain manufacturing suppliers wherein the Company is required to purchase the amounts forecasted in a blanket purchase order within a certain time period. The Company also has certain contractual obligations for third-party technology used as part of the normal operations. The contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude orders for goods and services entered into in the normal course of business that are not enforceable or are subject to change. These outstanding commitments amounted to $0.8 million and $6.3 million as of September 30, 2024 and December 31, 2023, respectively.

Guarantees and Indemnifications

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. The Company has entered into indemnification agreements with certain directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of the status or service as directors or officers. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of September 30, 2024 and December 31, 2023, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

Contingencies

The Company may, from time to time, be involved in legal proceedings arising in the ordinary course of business. As of September 30, 2024, the Company had accrued legal contingencies of $1.3 million, recorded within accrued expenses in the unaudited condensed consolidated balance sheets. While there can be no assurances as to the ultimate outcome of any litigation involving the Company, management does not believe any pending legal proceedings will result in a judgment or settlement that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Fair Value Measurements and Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

FAIR VALUE MEASUREMENTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,871	$	—	$	—	$	36,871
Total cash equivalents		36,871		—		—		36,871
Investments:
U.S. Treasury securities		—		128,836		—		128,836
Commercial paper		—		24,122		—		24,122
Corporate debt securities		—		121,914		—		121,914
Total investments		—		274,872		—		274,872
Total assets measured at fair value	$	36,871	$	274,872	$	—	$	311,743


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	22,646	$	—	$	—	$	22,646
Corporate debt securities		—		1,550		—		1,550
U.S. Treasury securities		—		4,985		—		4,985
Total cash equivalents		22,646		6,535		—		29,181
Investments:
U.S. Treasury securities		—		225,180		—		225,180
U.S. Non-Treasury securities		—		11,901		—		11,901
Commercial paper		—		18,186		—		18,186
Corporate debt securities		—		85,316		—		85,316
Total investments		—		340,583		—		340,583
Total assets measured at fair value	$	22,646	$	347,118	$	—	$	369,764

There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), U.S. Non-Treasury securities (government agency debt), commercial paper, and corporate debt securities as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.

The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):


	September 30, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,871	$	—	$	—		$	36,871
Total cash equivalents		36,871		—		—			36,871
Investments:
U.S. Treasury securities		128,514		364		(42	)		128,836
Commercial paper		24,090		32		—			24,122
Corporate debt securities		121,479		443		(8	)		121,914
Total investments		274,083		839		(50	)		274,872
Total assets measured at fair value	$	310,954	$	839	$	(50	)	$	311,743


	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	22,646	$	—	$	—		$	22,646
Corporate debt securities		1,549		1		—			1,550
U.S. Treasury securities		4,984		1		—			4,985
Total cash equivalents		29,179		2		—			29,181
Investments:
U.S. Treasury securities		225,517		55		(392	)		225,180
U.S. Non-Treasury securities		11,904		2		(5	)		11,901
Commercial paper		18,166		26		(6	)		18,186
Corporate debt securities		85,190		142		(16	)		85,316
Total investments		340,777		225		(419	)		340,583
Total assets measured at fair value	$	369,956	$	227	$	(419	)	$	369,764

As of September 30, 2024 and December 31, 2023, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. As of September 30, 2024, approximately $29.5 million of the Company's investments have been in a continuous unrealized loss position for twelve months or longer. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. As of September 30, 2024, $64.9 million of available-for-sale investments had remaining maturities between one and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of September 30, 2024 and December 31, 2023, the Company recorded $1.5 million and $1.3 million, respectively, of accrued interest related to its available-for-sale investments and is presented as other receivables on the unaudited condensed consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details